THE MADOFF SECURITIES LIQUIDATION: THE FIRST SIX MONTHS
|
|
- Rosamund Warner
- 7 years ago
- Views:
Transcription
1 June 1, 2009 By : Richard Levy, Jr. THE MADOFF SECURITIES LIQUIDATION: THE FIRST SIX MONTHS The liquidation case for Bernard L. Madoff Investment Securities LLC ( BLMIS ), which arises from what may be the largest fraud in American history, is now almost six months old. This article reports on the general status of the case and summarizes important recent developments, including matters relating to the administration of customer net equity claims and the pursuit and settlement of clawback claims by the Trustee. I. BACKGROUND A. Commencement of the Case On December 11, 2008, the SEC filed a complaint against BLMIS in the U.S. District Court for the Southern District of New York ( District Court ), seeking relief under the federal Securities Investors Protection Act ( SIPA ). On December 15, 2008, the District Court ordered the matter to proceed as a SIPA liquidation, and transferred the case to the U.S. Bankruptcy Court for the Southern District of New York ( Bankruptcy Court ) for administration of the liquidation proceedings. The liquidation case is now pending in the Bankruptcy Court before Judge Burton R. Lifland under Case No (BRL). Irving H. Picard, Esq., a New York bankruptcy attorney, was appointed as the SIPA trustee to oversee the liquidation proceedings ( Trustee ). The SIPA case in the Bankruptcy Court provides a centralized forum for the administration of the estate of BLMIS, the adjudication of contested customer claims, and the ratable distribution of any recoveries that the Trustee may realize for the benefit of the aggrieved customers. The court will also be the presumptive home forum for proceedings by the Trustee to seek the recovery of distributions or redemptions received by BLMIS investors within relevant statutory periods, on the theory that such payments are subject to disgorgement either as fraudulent conveyances (under federal bankruptcy law and applicable New York state law, which could reach payments made as long as 6 years before the commencement of the liquidation case) or as preferences (under federal bankruptcy law, which reaches payments made within 90 days before the commencement of the case [or one year in the case of transfers to insiders of the securities firm]). B. SIPA Protection and Compensation to Aggrieved Customers SIPA provides protection to customers of the affected stock broker who hold allowed net equity claims. Under existing jurisprudence, only direct Madoff investors are customers who may be compensated from the liquidating estate for their net equity claims in the SIPA case. Thus, persons who invested through feeder funds are unlikely to be treated as customers for purposes of SIPA. (Those indirect customers claims, however, if allowable, likely would be treated only as general unsecured claims and therefore relegated to a smaller source of recovery, the general estate [consisting of the non-customer property] of BLMIS. Some customer losses may be entitled to compensation provided by the Securities Investor Protection Corporation ( SIPC ), a federally chartered corporation that provides protection to customers of failed securities brokers. SIPC coverage is limited to $500,000 per customer for claims for securities, including up to $100,000 for claims for cash. For purposes of SIPC coverage, the customers eligible for such compensation are persons or entities who had securities or cash on deposit with a SIPC member for the purpose of, or as a result of, securities transactions. SIPC, however, does not insure against market risk. Subject to the limits of coverage per customer,
2 SIPC protection only applies to securities positions held at the affected broker-dealer as of the time that a SIPA proceeding is commenced. The SIPC protection is provided in the form of cash advances from SIPC to the SIPA trustee in the liquidation proceeding for the purpose of compensating allowed customer net equity claims either through the purchase of securities as may be required to satisfy the customer claims or through cash payments, in accordance with the provisions of SIPA and as authorized by the Bankruptcy Court. The Trustee for BLMIS has stated that he will treat customer claims as claims for securities, giving credit to customers expectations that they had invested in securities. As the Trustee has confirmed in public statements, BLMIS did not engage in any securities trading and thus had no customer securities at the time of the commencement of the SIPA case. Thus, the Trustee intends to compensate allowed claims only in the form of cash. C. Customer Net Equity Claims Among his other statutory responsibilities, the SIPA trustee is responsible to review all claims and determine the eligibility of each claim to share in the SIPA recovery process. The SIPA trustee is reported to have mailed notices and claim forms to more than 8,000 persons who were reflected in BLMIS records as having had customer accounts with, or having been creditors of, the firm during the year prior to the commencement of the case. Claims likely will be filed by persons who may hold claims or debts from prior time periods. In a SIPA liquidation, customers claims for net equity (the value of securities and cash in their accounts at Madoff as of the commencement of the case here, December 11, 2008 less any amounts owed to the firm at that time for the purchase of securities) are entitled to payment from the pool of customer property (usually the cash and unregistered securities at any time received, acquired or held by the debtor-broker on account of customers, plus the proceeds of any customer property transferred by the broker or unlawfully converted by the broker). The customer property pool is not available to satisfy the claims of general creditors of the broker. Thus, customers holding net equity claims are preferred creditors of the broker in the sense that they may be compensated ratably for their customer net equity claims from the customer property pool and, to the extent of any deficiency remaining after distributions from that pool, ratably from the broker s general estate. (Such recovery is separate from any recovery on claims other than customer net equity claims that the claimant may assert against the debtor which, if allowed, are entitled to ratable distribution from the proceeds of the general estate.) The customer property pool will also include the proceeds of avoidance or clawback actions that the trustee may commence, as well as the proceeds of certain other business property of the debtor. II. SUMMARY OF RECENT DEVELOPMENTS A. Asset Recovery As of late May 2009, the Trustee stated that he had recovered more than approximately $1 billion in customer property (not including proceeds of certain clawback settlements) which will be the source of ratable distributions to all allowed customer net equity claims (in addition to SIPC advances to eligible customers). The Trustee has issued numerous demands to recipients of alleged preferences and fraudulent conveyances, in which the Trustee seeks to obtain recoveries without having to commence formal litigation proceedings. The Trustee also has commenced a number of clawback actions against certain large trust funds and feeder funds which seek recovery of tens of billions of dollars in alleged preferences and fraudulent conveyances. These actions include complaints against the Fairfield Greenwich funds, the Kingate funds, the Chais family and related entities, and the Picower family and related entities. The complaints reflect that, based on particular facts and circumstances going to the nature of the relationship between BLMIS and the defendant(s) on clawback claims, the Trustee may seek recovery of both principal and fictitious profits. B. Claims Processing In mid-may 2009 the Trustee reported that he had received approximately 8,850 claims, which relate to more than 3,600 accounts. As of May 28, 2009, the Trustee reported on his web site that he had determined 251 claims, all of which were allowed. The cumulative allowed amount of those claims is approximately $759.5 million, for which SIPC had committed approximately $122.1 million in SIPC coverage for the affected claimants. The holders of these allowed claims also are entitled to share ratably in the pool of BLMIS customer property that ultimately will be available for distribution to allowed customer claims. 2
3 C. Record Reconstruction The Trustee has stated that there were almost no electronic records at BLMIS and that his forensic team had to digitize the information that was contained on paper, microfilm and microfiche records held at BLMIS, along with details from additional information provided by banks, third persons and customers. The Trustee has stated that in order to evaluate claims and assess possible clawback exposure, he will reconstruct all customer accounts from the ground up, using all available records held at BLMIS, records obtained from third parties (including banks), and records supplied by customer claimants. The costs of that ongoing and time-consuming effort, as with the other forensic costs of the case, will be borne solely by SIPC and will not be charged to the customer property pool from which ratable customer recoveries will be paid. Despite early questions about the extent and accuracy of records at BLMIS, it now appears that the Trustee has extensive records that will allow him to engage in detailed analyses of customer accounts and transactions, as well as to investigate and pursue clawback claims. For example, in his recently-announced Hardship Program (discussed below), the Trustee stated that he had records for accounts dating back to January 1, 1996 that would allow him to engage in expedited determination of claims for accounts opened within that period. In addition, the clawback complaints filed thus far by the Trustee include highly detailed schedules of transactions for cash deposits and withdrawals from the defendants BLMIS accounts going back, in some instances, for several decades. D. Net Equity Claims / SIPC Coverage; Bar Date SIPC has committed itself to advance funds to eligible customers immediately upon the allowance of their claims (and the execution of a release by the customer). SIPC believes that it will have sufficient funds to make advances to all eligible Madoff claimants. SIPC recently resolved to enlarge the reserve fund through increased assessments on SIPC member brokers. The Trustee has been urged by many customers to use the last monthly BLMIS statement as the measure of customer net equity. The Trustee declines to do so because, he says, that would unfairly benefit longer term customers at the expense of shorter term customers. Because there were no trades and no real profits at BLMIS, such an approach, according to the Trustee, would allow those who received compounded returns at substantially higher rates to obtain disproportionate recoveries. He does not believe that this is the fairness required by SIPA. Echoing comments of the Trustee, SIPC President Stephen Harbeck has also stated that the use of the last account statement for SIPA claim measurement would give the thief the final say as to who wins and loses, and that is just not the law. The reliance on account statement values as the measure of a customer s SIPA claim, instead of the net cash in/out calculation, has a basis in the definition of customer net equity in the statute. This issue has not been the subject of specific adjudication in any prior cases. There is, however, language in existing jurisprudence and in the legislative history of SIPA that may be read to support the position. The issue may require litigation in order to obtain a definitive determination for purposes of customer treatment in the BLMIS case. The bar date for the filing of all claims against BLMIS is July 2, Under prevailing case law, this date is not subject to extension. Thus, as a general proposition, claims received by the Trustee after that date will not be eligible to participate in recoveries from the estate. Timely-filed claims may be subject to amendment after the filing deadline in accordance with applicable bankruptcy law, but only to the extent that the changes relate back to transactions and occurrences covered by the original filing. New bases or theories of recovery asserted for the first time in an amended claim may be disallowed. There is an open question concerning the treatment of repayments of clawback liabilities by persons who fail to file SIPA claims by July 2, Under bankruptcy law, persons who disgorge preferences or fraudulent transfers normally would hold resulting claims under which the amounts of their repayments would be treated as claims eligible to share in distributions from the debtor s estate. There is, however, no definitive case law on this issue in the context of a SIPA liquidation. As the Bankruptcy Court previously denied as premature a motion for clarification of that issue in the BLMIS case, the issue remains uncertain. 3
4 E. Hardship Program On May 8, 2009, the Trustee announced the establishment of a Hardship Program to expedite the handling of SIPC claims for individual Madoff claimants who suffer from hardships based on financial, medical or other circumstances. A claimant who qualifies for hardship treatment will be entitled to receive expedited consideration by the Trustee of his or her SIPA net equity claim. To the extent that a hardship claim is allowed, SIPC cash advances will be paid on the covered portion of the allowed claim, up to the lesser of the allowed portion of the claim or the maximum applicable SIPC coverage limit. As established, the Hardship Program requires the Trustee to determine, first, an individual claimant s eligibility for treatment as a hardship case. If the Trustee agrees to treat the claimant as a hardship claimant, the Trustee will then determine whether to allow or object to that claimant s SIPA net equity claim in whole or in part. (The claims of persons who are not entitled to hardship status will be determined by the Trustee in the ordinary course of his claims review process.) The Hardship Program also provides for a hardship claimant who disputes the Trustee s determination of the SIPA claim to receive an early payment of SIPC advances for the portion, if any, of the claim to which the Trustee does not object (with such payment limited to the extent of applicable SIPC coverage for the undisputed part of the claim), while leaving to a later time the resolution of any disputed portion of the claim. The Trustee stated that for accounts opened at BLMIS after January 1, 1996, he will endeavor to make a determination of a hardship claimant s claims within 20 days after claimant is determined to be eligible for hardship status. For accounts opened during earlier periods, the Trustee is working to reconstruct the records of BLMIS. F. Clawback Recoveries In explaining his view of the case in a May 14, 2009 interview, the Trustee emphasized that he construes his statutory duty to require him to treat all customers fairly and to maximize the pool of customer property available for distribution. This duty includes, as he sees it, the responsibility to investigate and, where appropriate, to pursue recovery from persons who recovered more than their fair share from Madoff. Invoking the description of a Ponzi scheme, Picard reiterated, as he has on other occasions, that those who received excessive recoveries were paid with other persons money. He believes that Congress, under SIPA, has mandated that such funds be returned so that all customers will share equally. The Trustee s publicly-stated intentions regarding the pursuit of avoidance claims have generated considerable public comment and outcry (which is beyond the scope of this article). 1. The Trustee s Posted Guidance on Clawbacks On April 30, 2009, the Trustee issued written guidance relating to his general approach to the pursuit and settlement of claims to recover preferences and fraudulent conveyances. The Trustee reiterated his previously announced position that the decision on whether he will pursue non-feeder fund customers on avoidance claims will be decided on an individual basis, not on any categorical basis. The Trustee also confirmed that he will consider a variety of factors in determining whether to commence litigation against non-feeder fund customers. The Trustee listed the following non-exclusive factors: As a general proposition, the Trustee expects repayment of all amounts that may be recoverable as preferences (payments received by the customer within 90 days before December 11, 2008, i.e., payments made by BLMIS on or after September 12, 2008). 1 The Trustee s complaints in pending clawback actions confirm his intention to pursue the recovery of both principal and false profits as preferences. It may be possible for a customer to offset preferences against the amounts that could be advanced by SIPC on account of the customer s allowed claim. As indicated below in the description of the Optimal Funds settlement, the Trustee has, in fact, employed this mechanism to offset amounts payable by a clawback target with funds that otherwise would have been advanced to the target by SIPC. 1 While the Trustee s statement does not address this point, the time of a preference typically is measured as the date on which the transfer was made by the debtor. Under controlling Supreme Court jurisprudence, for transfers made by check, the operative date of the transfer is the date on which the check is honored by the bank, not the date on which the debtor issued the check or the payee physically received the check. 4
5 For fraudulent transfer claims, the Trustee will look first to whether the customer was a net depositor or a net redeemer based on the cumulative amounts deposited and withdrawn over the life of the customer s account. The Trustee indicated that he is less likely to commence an avoidance action against a net depositor. (Although the Trustee says he will calculate the customer s net depositor/net redeemer status based on the entire history of deposits and withdrawals for the account, the applicable New York fraudulent conveyance statutes limit the Trustee to seek recovery only of transfers made within the six years preceding December 11, 2008.) The Trustee will consider whether an avoidance action will create an undue hardship on the customer whose receipts may be avoidable. If a hardship would result, the Trustee states that he is unlikely to commence an avoidance action. For purposes of testing a customer s hardship, the Trustee will consider, for example, the amount in issue and the particular facts that give rise to the hardship. The Trustee will consider whether there are facts and circumstances, such as the customer s lack of good faith, that make a transfer more or less susceptible to recovery. The Trustee states that he is more likely to commence an avoidance action where the recipient s conduct indicates a lack of good faith. The Trustee will consider whether the recipient of the transfer has potentially valid defenses. The Trustee states that he will not commence litigation against a transferee if, following issuance of a demand letter by the Trustee, the recipient contacts the Trustee to discuss the facts and circumstances surrounding the transfer and possible settlements. In that event, the Trustee will withhold the commencement of an avoidance action against the recipient while such discussions are pending. (If such discussions commence and continue beyond the two-year limitations period within which the Trustee must commence litigation, we anticipate that the Trustee will request an agreement to toll that period so long as good faith settlement discussions are continuing.) The Trustee states that he is more likely to commence an avoidance action if the recipient of a demand letter does not open discussions with the Trustee. The Trustee is open to receiving any other facts and circumstances that may inform his decision on whether or not to commence an avoidance action against a recipient of funds. The Trustee s recent pronouncements, coupled with the initial settlement reached with the Optimal Funds (described below) make clear that recipients of clawback recovery demands will have an opportunity to tell their story so that the Trustee can then explore possible settlements and consider surrounding circumstances that will inform his decision on whether or not to pursue litigation. This process will include the opportunity for a customer to explain why the customer s financial or other hardship would make the pursuit of a clawback through litigation either a futile or non-costeffective alternative for the Trustee. The Trustee indicated that he would seriously consider not pursuing a clawback claim if the target customer shows the existence of defenses, futility or other legitimate circumstances beyond hardship. 2. The Trustee s First Clawback Settlement On May 22, 2009, the Trustee filed his first proposed settlement of clawback claims. The settlement resolves clawback liabilities of two Bahamas-based feeder funds affiliated with Banco Santander (the Optimal Funds ). The settlement was reached before the Trustee commenced litigation against the funds. The Trustee s motion for approval of the settlement is noticed for a hearing on June 16, Although the Optimal Funds settlement involves feeder funds and not individual customers, the terms of the settlement are informative about how the Trustee may proceed with future clawback demands and settlements. Clearly, the Trustee is prepared to settle claims without litigation and for something less than the face value of the exposure where warranted by facts and circumstances (although the amount of any settlement discount cannot be predicted on any categorical or other basis). The Trustee will conduct careful diligence into the facts surrounding the transactions and the bases asserted by a target in support of a settlement, including an examination of the extent (if any) to which the target was complicit in or had knowledge 5
6 of the Madoff fraud. The Trustee s threshold for settlement of clawback claims, at least in cases involving substantial settlements with institutional clients that lacked any prior involvement in or knowledge of the fraud, may remain at a very high percentage of the face amount of the exposure. Finally, the terms of the Optimal Funds settlement indicates that the Trustee will allow setoffs of a customer s entitlement to SIPC coverage against amounts to be paid in settlement of clawback claims by the affected customer. The Trustee issued a very short press release on May 26, 2009 announcing the settlement, but the release contained little substantive information on the settlement. However, the Trustee s motion for approval of the Optimal Funds settlement contained both a detailed description of the settlement and its complete terms. The motion papers and settlement agreement reflect the following: One of the settling funds had net positive cash equity of approximately $1.4 billion based on cumulative cash in/cash out, but also had exposure of approximately $151 million for payments received within the 90-day preference period. For this target: (1) the trustee agreed to accept a settlement payment of 85% of the preference claim (approximately $129.1 million); (2) the amount of the preference settlement payment will be added to the customer s net positive cash equity as of the start of the liquidation case, and the claimant will have an allowed claim for the total; and (3) the allowed claim amount will be entitled to treatment as a SIPA claim for securities and will receive a cash advance of $500,000 as SIPC coverage, which may be offset by the Trustee against the required settlement payment. The second settling fund was a net redeemer for approximately $96.5 million and also had preference exposure of approximately $125.1 million and fraudulent conveyance exposure of $35 million. For this target: (1) the trustee agreed to accept a settlement payment of 85% of the preference (approximately $106.3 million) in a six-month installment payment arrangement; (2) no separate payment was made on account of the fraudulent conveyance exposure; (3) the claimant will have an allowed SIPA claim for approximately $9.8 million, which represents the excess of the settlement payment over the net negative cash equity in the account as of the commencement of the SIPA case; and (4) the allowed claim amount will be entitled to treatment as a SIPA claim for securities and will receive a cash advance of $500,000 as SIPC coverage, which may be offset by the Trustee against the final required settlement installment payment. Of particular note, the Optimal Funds settlement contains a form of most-favored nation clause which sets forth the settling parties intention that the settlement is to serve as a minimum benchmark for future settlements of similar [preference] claims by the trustee. If the Trustee settles a clawback action against a single target or a group of commonly controlled defendants for an aggregate settlement amount of at least $40 million, but the payment is less than 85% of the Trustee s claims, and the circumstances of the clawback claims and the underlying facts are similar to the Optimal Funds settlement, the Trustee is required to remit to the Optimal Funds a portion of the settlement amount paid by the Optimal Funds so that the net percentage exposure of the Optimal Funds for their settlement will be equal to the subsequent settlement payment measured as a percentage of the clawback exposure. The Optimal Funds settlement identifies the following non-exclusive factors to test the similarity of settlements for this purpose: (1) the ability of the target or group of targets as a whole to pay; (2) nature of the clawback (preference, or fraudulent conveyance to recover principal or profits); (3) jurisdictional issues; (4) the target s(s ) knowledge of or complicity in the Madoff fraud; and (5) the posture of the litigation by the Trustee against the target or group of targets. Any dispute over the qualification of a settlement as similar will be subject to resolution by the Bankruptcy Court. This most-favored nation provision appears to be aimed at institutional targets, such as feeder funds, as compared to individual investors. There is, however, is no assurance at this time as to whether the Trustee will insist on a similar figure for settlements of individual clawback liability. The Trustee s motion for approval of the settlement noted that while the settlement addresses a resolution of textbook 6
7 preferences, other issues warranted a settlement for less than the full exposure, including the offshore nature of the funds, difficulties in collecting a judgment and other unspecified complexities surrounding the litigation. Finally, the Trustee s motion also recited that the Trustee conducted a confirmatory investigation, including a review of documents made available by [the targets] that related to, among other things, due diligence conducted by [the targets]. On the basis of that review, the Trustee concluded that [the targets] were not complicit in the fraud perpetrated by [BLMIS] and did not have actual knowledge of the fraud, and based on the review the Trustee does not believe that the conducts, acts and omissions of [the targets] provide grounds to assert any claim against [the targets] (other than the [Trustee s] avoiding power claims), or to disallow any claim that [the targets] may have against [BLMIS]. The settlement, however, contains an escape clause in the event that the Trustee obtains new information that would have materially affected his decision to enter into the settlement. G. Bankruptcy Proceedings Involving Bernard Madoff Acting with leave granted by U.S. District Judge Louis Stanton (the judge who previously imposed a freeze on the assets and property of Bernard Madoff in connection with the commencement of the SEC proceedings and the SIPC liquidation case for BLMIS), a group of Madoff victims commenced an involuntary Chapter 7 liquidation case against Mr. Madoff in the Bankruptcy Court on April 13, The Bankruptcy Judge to whom Mr. Madoff s personal case was assigned, Burton R. Lifland, is the same judge who is hearing the BLMIS liquidation case. Acting at the direction of the Bankruptcy Court, the U.S. Trustee for the Southern District of New York appointed Alan Nisselson, a New York bankruptcy attorney, as the interim Chapter 7 trustee of Mr. Madoff s bankruptcy estate. The Chapter 7 petitioners also filed a motion in the BLMIS liquidation case that seeks the transfer to the New York Bankruptcy Court of bankruptcy proceedings commenced in Florida that are ancillary to the United Kingdom liquidation case for Madoff Securities Ltd., BLMIS s overseas affiliate. Motions are also pending under which Mr. Madoff s individual bankruptcy estate would be substantively consolidated with the BLMIS estate. This would have the effect of bringing Mr. Madoff s personal assets into the BLMIS estate and making their proceeds available for distribution by the Trustee. Mr. Madoff s personal creditors, if any, would become creditors of the BLMIS estate. The Bankruptcy Court has not yet ruled on the motions. 7
8 Pryor Cashman LLP actively represents a number of client groups in connection with the Madoff situation. The Firm provides advice and representation relating to the filing of customer net equity claims; victims rights and remedies against third parties; issues involving possible claims that may be brought by the SIPA Trustee to recover preferences and/or fraudulent conveyances; insurance considerations relating to customer claims and losses; and the tax treatment of customer losses under United States and New York law. For further information concerning the Madoff situation, please contact any of the following partners at Pryor Cashman LLP: RICHARD LEVY, JR. Bankruptcy (212) rlevy@pryorcashman.com DONALD S. ZAKARIN Litigation (212) zakarin@pryorcashman.com MARK R. JACOBS Bankruptcy (212) mjacobs@pryorcashman.com ERIC B. WOLDENBERG Tax (212) ewoldenberg@pryorcashman.com Copyright 2009 by Pryor Cashman LLP. This Legal Update is provided for informational purposes only and does not constitute legal advice or the creation of an attorney-client relationship. While all efforts have been made to ensure the accuracy of the contents, Pryor Cashman LLP does not guarantee such accuracy and cannot be held responsible for any errors in or reliance upon this information. This material may constitute attorney advertising. Prior results do not guarantee a similar outcome. 8
9 RICHARD LEVY, JR. Partner Direct Tel: Direct Fax: ABOUT THE AUTHOR Richard Levy, Jr. heads the Bankruptcy, Reorganization and Creditors Rights practice at Pryor Cashman. His experience includes all phases of cases under Chapter 11 and Chapter 7 of the Bankruptcy Code, bankruptcy litigation, civil litigation in federal and state courts, related counseling, and arbitration and mediation. Rich has represented debtors, creditors, official and unofficial committees (including committees of creditors, equity holders or retired employees), landlords, indenture trustees, labor unions, pension funds, and asset purchasers. He also has represented parties in state court insolvency and corporate dissolution proceedings. Rich represented the indenture trustees of publicly-traded bonds in the Kmart, Global Crossing, Hayes Lemmerz, Owens Corning, and Quality Stores cases, among others. His experience also includes bankruptcy litigation on behalf of indenture trustees with respect to their contractual rights and obligations under their indentures including, for example, the charging lien litigation commenced by the official creditors committee against the indenture trustee in the Global Crossing case. He regularly supports and assists in the firm s representation of indenture trustees in other bankruptcy cases and default situations. Rich regularly assists other practice areas of the firm by providing bankruptcy support and counsel in the structuring of business and commercial transactions, including, for example, financings, mergers and acquisitions, securitization transactions requiring non-consolidation or true sale opinions, intellectual property licenses, real estate leases and other executory contracts. He is also called upon to provide advice and representation with respect to the enforcement of judgments and debtor/creditor remedies under state law. Rich has held special appointments in a number of bankruptcy cases. He served as counsel to the Chapter 11 Trustee appointed by the U.S. Bankruptcy Court for the District of Delaware in the asbestos-related bankruptcy case of United State Mineral Products Company, a leading manufacturer of spray-applied fire resistive materials for steel framed buildings and other structures. The case was one of the first to involve a successful restructuring of both asbestos-related personal injury claims and property damage claims under Section 524(g) of the U.S. Bankruptcy Code, and also is believed to be the first asbestos bankruptcy case to result in a successful reorganization under the auspices of a court-appointed trustee. Rich has also served as the court-appointed official legal representative of future claimants in two other asbestos bankruptcy cases. He was the court-designated lead counsel in consolidated insolvency litigation proceedings arising from the Chapter 11 bankruptcy of a major airline. He also served as court-appointed examiner and, subsequently, as the post-confirmation creditor trustee in the Chapter 11 case of a well-known entertainer. Rich represented the official representative of retired employees appointed in the bankruptcy case of a metal products manufacturer, and the unofficial retiree committee in the reorganization case of a major meat-packing company. Rich served as a member of the Trust Advisory Board for the HLI Creditor Trust established in connection with the confirmed Chapter 11 bankruptcy plan for Hayes Lemmerz, Inc. Rich graduated magna cum laude from Syracuse University College of Law in 1977, where he was elected to the Order of the Coif and served as Notes & Comments Editor of the Syracuse Law Review ( ). A 1974 graduate of Williams College (cum laude, with honors in Political Economy), Rich served as President of the Society of Alumni of Williams College the oldest continuously-existing college or university alumni association in the world from June 2006 to June During his term, Rich also chaired the Executive Committee of the Society of Alumni and attended meetings of the Board of Trustees of Williams College at the invitation of the Board. 9
10 Rich is AV Peer Review Rated, Martindale Hubbell s highest peer recognition for ethical standards and legal ability. 1
08-01789-brl Doc 4602 Filed 12/21/11 Entered 12/21/11 10:44:02 Main Document Pg 1 of 7
Pg 1 of 7 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK SECURITIES INVESTOR PROTECTION CORPORATION, v. Plaintiff-Applicant, Adv. Pro. No. 08-1789 (BRL) SIPA Liquidation (Substantively Consolidated)
More informationUnited States Bankruptcy Court District of
B25B (Official Form 25B) (12/08) United States Bankruptcy Court District of In re, Case No. Debtor Small Business Case under Chapter 11 [NAME OF PLAN PROPONENT] S DISCLOSURE STATEMENT, DATED [INSERT DATE]
More informationTHIS MATTER having been presented to the Court upon the joint motion ( Motion ) of
UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK SECURITIES INVESTOR PROTECTION CORPORATION, Plaintiff-Applicant, Adv. Pro. No. 08-1789 (BRL) SIPA Liquidation v. BERNARD L. MADOFF INVESTMENT
More informationAppendix I: Select Federal Legislative. Proposals Addressing Compensation for Asbestos-Related Harms or Death
Appendix I: Select Legislative Appendix I: Select Federal Legislative is and Mesothelioma Benefits Act H.R. 6906, 93rd 1973). With respect to claims for benefits filed before December 31, 1974, would authorize
More informationCONSENT JUDGMENT. WHEREAS, Irving H. Picard (the Trustee ) is the trustee for the liquidation of the
Pg 1 of 5 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK SECURITIES INVESTOR PROTECTION CORPORATION, Plaintiff-Applicant, v. BERNARD L. MADOFF INVESTMENT SECURITIES LLC, Adv. Pro. No. 08-01789
More informationCase 2:11-cv-08607-R -DTB Document 13 Filed 11/18/11 Page 1 of 7 Page ID #:355 EXHIBIT A
Case 2:11-cv-08607-R -DTB Document 13 Filed 11/18/11 Page 1 of 7 Page ID #:355 EXHIBIT A Case 2:11-cv-08607-R -DTB Document 13 Filed 11/18/11 Page 2 of 7 Page ID #:356 David Zaro Partner Los Angeles Office
More informationINSTRUCTION LETTER TRONOX TORT CLAIMS TRUST INSTRUCTION LETTER (CATEGORY C) FOR. Dear Prospective Claimant or Claimant Counsel,
INSTRUCTION LETTER Dear Prospective Claimant or Claimant Counsel, The Tronox Incorporated Tort Claims Trust (the Trust ) has been established under Chapter 11 of the Bankruptcy Code to resolve all Tort
More informationGeneral Motors Bondholders Frequently Asked Questions
General Motors Bondholders Frequently Asked Questions Q: What is Wilmington Trust s role? A: Wilmington Trust is the successor Indenture Trustee to Citibank NA under two separate Indenture agreements with
More informationAdvanced Bankruptcy for Bankers. Candace C. Carlyon, Esq. www.sheacarlyon.com
Advanced Bankruptcy for Bankers Candace C. Carlyon, Esq. www.sheacarlyon.com 1 Pre Bankruptcy Review loan files, confirm collateral security, obtain as much information as possible Consider timing of remedies
More information13-22840-rdd Doc 1181 Filed 08/10/15 Entered 08/10/15 11:09:58 Main Document Pg 1 of 7
Pg 1 of 7 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK ---------------------------------------------------------------x In re: Chapter 11 SOUND SHORE MEDICAL CENTER OF WESTCHESTER, et al.
More informationNEW YORK, NEW YORK. EXCESS SIPC SURETY BOND (the "Surety Bond")
NEW YORK, NEW YORK Bond No. EXCESS SIPC SURETY BOND (the "Surety Bond") WHEREAS Securities Investor Protection Corporation (hereinafter referred to as "SIPC") has been established pursuant to the Securities
More information08-01789-brl Doc 5399 Filed 06/27/13 Entered 06/27/13 12:27:17 Main Document Pg 1 of 8
Pg 1 of 8 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK SECURITIES INVESTOR PROTECTION CORPORATION, Plaintiff-Applicant, v. Adv. Pro. No. 08-01789 (BRL) SIPA Liquidation (Substantively Consolidated)
More informationBALANCING ACT PLUS AN INTERVIEW WITH IRVING H. PICARD, MADOFF TRUSTEE A PUBLICATION OF THE ASSOCIATION OF CERTIFIED FRAUD EXAMINERS
A PUBLICATION OF THE ASSOCIATION OF CERTIFIED FRAUD EXAMINERS Vol. 24, No. 4 July/August 2010 PLUS STEALING CASH WITH A SMILE AVOIDING DEFAMATION ATTACKS FRAUD-TERROR LINK FCPA INSTILLS FEAR CHAIRMAN WELLS
More informationA Guide to Crowdfunding for Companies Seeking to Raise Capital
A Guide to Crowdfunding for Companies Seeking to Raise Capital A publication of the Securities Law Practice mefiifmp=kfwbo LLP June 2012 On April 5, 2012, President Obama signed into law the Jumpstart
More informationBankruptcy and Restructuring
doing business in Canada 102 p Bankruptcy and Restructuring 1. Legislation and Court System The Canadian bankruptcy and insolvency regime is divided between the federal and provincial levels of government
More informationPartner spyounger@pbwt.com Tel: 212-336-2685 Fax: 212-336-7981
Stephen A. Younger Partner spyounger@pbwt.com Tel: 212-336-2685 Fax: 212-336-7981 Stephen Younger, Past President of the New York State Bar Association, is a leading commercial litigator who is also well-known
More informationBankruptcy Basics June 9, 2009
Bankruptcy Basics June 9, 2009 Brooks Hamilton Haynes and Boone, LLP www.haynesboone.com Purposes of bankruptcy Mechanism to allow person or company that cannot pay creditors to resolve debts through division
More informationFALSE CLAIMS ACT STATUTORY LANGUAGE
33 U.S.C. 3729-33 FALSE CLAIMS ACT STATUTORY LANGUAGE 31 U.S.C. 3729. False claims (a) LIABILITY FOR CERTAIN ACTS. (1) IN GENERAL. Subject to paragraph (2), any person who (A) knowingly presents, or causes
More informationThe Basics of Bankruptcy and Insolvency Law. Jeffrey C. Carhart
The Basics of Bankruptcy and Insolvency Law Jeffrey C. Carhart TYPES OF INSOLVENCY PROCEEDINGS Liquidation in Bankruptcy Proposals in Bankruptcy involving re-organizations or going concern sales Re-organizations
More informationCase 2:11-cv-08331-CM Document 51-5 Filed 01/07/14 Page 2 of 37 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT NEW YORK. Plaintiff, Defendants.
Case 2:11-cv-08331-CM Document 51-5 Filed 01/07/14 Page 2 of 37 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT NEW YORK PAUL SHAPIRO, on behalf of himself as an individual, and on behalf of all others
More information13-22840-rdd Doc 402 Filed 10/25/13 Entered 10/25/13 16:17:31 Main Document Pg 1 of 10. (Jointly Administered)
Pg 1 of 10 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK -----------------------------------------------------------x In re: SOUND SHORE MEDICAL CENTER OF WESTCHESTER, et al., 1 Debtors.
More informationSMALL CLAIMS RULES. (d) Record of Proceedings. A record shall be made of all small claims court proceedings.
SMALL CLAIMS RULES Rule 501. Scope and Purpose (a) How Known and Cited. These rules for the small claims division for the county court are additions to C.R.C.P. and shall be known and cited as the Colorado
More informationTHIRD AMENDED AND RESTATED CERTIFICATE OF INCORPORATION OF DYNEGY INC. Pursuant to Section 303 of the Delaware General Corporation Law
THIRD AMENDED AND RESTATED CERTIFICATE OF INCORPORATION OF DYNEGY INC. Pursuant to Section 303 of the Delaware General Corporation Law Dynegy Inc., a corporation duly organized and validly existing under
More information08-01789-smb Doc 8558 Filed 11/21/14 Entered 11/21/14 16:14:01 Main Document Pg 1 of 7
Pg 1 of 7 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK SECURITIES INVESTOR PROTECTION CORPORATION, Plaintiff-Applicant, v. BERNARD L. MADOFF INVESTMENT SECURITIES LLC, Adv. Pro. No. 08-1789
More informationSELF-DIRECTED INDIVIDUAL 401K ACCOUNT HOLDER DISCLOSURE AND HOLD HARMLESS
SELF-DIRECTED INDIVIDUAL 401K ACCOUNT HOLDER DISCLOSURE AND HOLD HARMLESS P.O. BO 30007 ALBUQUERQUE, NEW MEICO 87190 P: 888-205-6036 F: 505-288-3905 OPERATIONS@HORIZONTRUST.COM Important! This form contains
More informationRep. Scott Garrett Statement for the Record Accompanying Re introduction of the Equitable Treatment of Investors Act
Rep. Scott Garrett Statement for the Record Accompanying Re introduction of the Equitable Treatment of Investors Act Late in the 111 th Congress, I introduced, with co sponsors, Mr. King of New York and
More informationBankruptcy 101 A Guide to Personal Bankruptcy. Brought to you by Jon Martin, Esq. Http://www.TheSinCityLawyer.com
Bankruptcy 101 A Guide to Personal Bankruptcy Brought to you by Jon Martin, Esq. Http://www.TheSinCityLawyer.com Bankruptcy laws help people who can no longer pay their creditors get a fresh start by liquidating
More informationFARM LEGAL SERIES June 2015 Bankruptcy: Chapter 12 Reorganization
Agricultural Business Management FARM LEGAL SERIES June 2015 Bankruptcy: Chapter 12 Reorganization Phillip L. Kunkel, Jeffrey A. Peterson Attorneys, Gray Plant Mooty INTRODUCTION Chapter 12 was added to
More informationCase 10-33583-bjh11 Doc 31 Filed 12/07/10 Entered 12/07/10 18:18:45 Desc Main Document Page 1 of 10
Document Page 1 of 10 Eric A. Liepins ERIC A. LIEPINS, P.C. 12770 Coit Road Suite 1100 Dallas, Texas 75251 Ph. (972) 991-5591 Fax (972) 991-5788 ATTORNEYS FOR DEBTOR IN THE UNITED STATES BANKRUPTCY COURT
More informationA voluntary bankruptcy under the BIA commences when a debtor files an assignment in bankruptcy with the Office of the Superintendent of Bankruptcy.
Bankruptcy and Restructuring 121 BANKRUPTCY AND RESTRUCTURING Under Canadian constitutional law, the federal government has exclusive legislative control over bankruptcy and insolvency matters. Insolvency
More informationRepresenting Yourself In Employment Arbitration: An Employee s Guide
Representing Yourself In Employment Arbitration: An Employee s Guide What is the American Arbitration Association? The American Arbitration Association (AAA ) is a not-for-profit, private, public service
More informationCase 12-19882 Doc 1309 Filed 05/12/15 Entered 05/12/15 20:19:12 Desc Main Document Page 1 of 7
Document Page 1 of 7 UNITED STATES BANKRUPTCY COURT DISTRICT OF MASSACHUSETTS EASTERN DIVISION In re: NEW ENGLAND COMPOUNDING PHARMACY, INC., Chapter 11 Case No. 12-19882-HJB Debtor. DECLARATION OF STEPHEN
More informationSummary Outline of Mississippi Revised LLC Act (House Bill 683)
Summary Outline of Mississippi Revised LLC Act (House Bill 683) In General The Revised Act is very friendly to small business but also supports freedom of contract principles. Existing LLCs that have written
More informationCONSUMER RIGHTS AND A BANKRUPT BUSINESS
Last Revised 03/03/04 23 CONSUMER RIGHTS AND A BANKRUPT BUSINESS 23. 1. Introduction This Consumer rights chapter describes your rights when a business which owes you money or services declares bankruptcy.
More informationThe New Bankruptcy Law Amendments and their Impact on Business Bankruptcy Cases
May 2005 The New Bankruptcy Law Amendments and their Impact on Business Bankruptcy Cases On April 14, 2005, President Bush signed into law the Bankruptcy Abuse Prevention and Consumer Protection Act of
More informationEXHIBIT 5 1 Flow Chart for Chapter 7
EXHIBIT 5 1 Flow Chart for Chapter 7 The Filing of the Chapter 7 Petition Within 180 days of filing a Chapter 7 petition, an individual debtor must be briefed (including by telephone and on the Internet)
More informationLIMITED LIABILITY COMPANY OPERATING AGREEMENT, LLC
LIMITED LIABILITY COMPANY OPERATING AGREEMENT, LLC A MemberManaged Limited Liability Company OPERATING AGREEMENT THIS OPERATING AGREEMENT is made and entered into effective, 20, by and among: [list the
More informationATTORNEYS FEES IN FLORIDA WORKERS COMPENSATION CASES:
ATTORNEYS FEES IN FLORIDA WORKERS COMPENSATION CASES: A HISTORICAL ANALYSIS AND COMPREHENSIVE REVIEW OF SIGNIFICANT LEGISLATION, STATUTORY AMENDMENTS AND CASE LAW INTERPRETING SAME Rafael Gonzalez Barrs,
More informationGarlock Bankruptcy Overview of the Disclosure Statement and the Plan of Reorganization
Garlock Bankruptcy Overview of the Disclosure Statement and the Plan of Reorganization There is a Chapter 11 bankruptcy case involving Garlock Sealing Technologies ( GST ) about the production of asbestos-containing
More informationCharles P. Summerall, IV
Charles P. Summerall, IV Profile Areas of Practice Bankruptcy and Creditors Rights Business Litigation Financial Services Litigation Contact Information Charleston Office 843/720-4616 (phone) 843/723-7398
More informationCLASSIC A-SIDE MANAGEMENT LIABILITY INSURANCE COVERAGE FORM
CLASSIC A-SIDE MANAGEMENT LIABILITY INSURANCE COVERAGE FORM THIS IS A CLAIMS MADE POLICY WITH DEFENSE EXPENSES INCLUDED IN THE LIMIT OF LIABILITY. PLEASE READ AND REVIEW THE POLICY CAREFULLY. In consideration
More informationIn the United States District Court for the Northern District of Georgia Atlanta Division
Case 1:14-cv-02211-AT Document 61-1 Filed 12/28/15 Page 1 of 20 In the United States District Court for the Northern District of Georgia Atlanta Division Consumer Financial Protection Bureau, Plaintiff,
More informationCERTIFICATE OF INCORPORATION CORE-MARK HOLDING COMPANY, INC. ARTICLE ONE. The name of the Corporation is Core-Mark Holding Company, Inc.
CERTIFICATE OF INCORPORATION OF CORE-MARK HOLDING COMPANY, INC. ARTICLE ONE The name of the Corporation is Core-Mark Holding Company, Inc. ARTICLE TWO The address of the Corporation s registered office
More informationH.R. 1283 CONGRESSIONAL BUDGET OFFICE COST ESTIMATE. Asbestos Compensation Act of 2000. July 13, 2000
CONGRESSIONAL BUDGET OFFICE COST ESTIMATE July 13, 2000 H.R. 1283 Asbestos Compensation Act of 2000 As ordered reported by the House Committee on the Judiciary on March 16, 2000 SUMMARY H.R. 1283 would
More informationDaniel M. Glosband, Esq. Goodwin Procter LLP. 2005. Goodwin Procter LLP
CHAPTER 15: ANCILLARY AND OTHER CROSS-BORDER CASES Daniel M. Glosband, Esq. Goodwin Procter LLP 2005. Goodwin Procter LLP Enactment of Chapter 15 Chapter 15 is an entirely new chapter of the United States
More informationRESTATED ARTICLES OF INCORPORATION of PHILIP MORRIS COMPANIES INC. ARTICLE I. The name of the Corporation is PHILIP MORRIS COMPANIES INC.
RESTATED ARTICLES OF INCORPORATION of PHILIP MORRIS COMPANIES INC. ARTICLE I The name of the Corporation is PHILIP MORRIS COMPANIES INC. ARTICLE II The purpose for which the Corporation is organized is
More informationSB 588. Employment: nonpayment of wages: Labor Commissioner: judgment enforcement.
SB 588. Employment: nonpayment of wages: Labor Commissioner: judgment enforcement. (1) The Enforcement of Judgments Law provides for the enforcement of money judgments and other civil judgments. Under
More informationForeign Currency Forward Master Contract
Foreign Currency Forward Master Contract Foreign Currency Forward Master Agreement ( Agreement ), dated as of, 20 between the client ( Client ) and Tempus, Inc. ( Tempus ). BACKGROUND 1. Forward Contract.
More informationCORNERSTONE A-SIDE MANAGEMENT LIABILITY INSURANCE COVERAGE FORM
CORNERSTONE A-SIDE MANAGEMENT LIABILITY INSURANCE COVERAGE FORM THIS IS A CLAIMS MADE POLICY WITH DEFENSE EXPENSES INCLUDED IN THE LIMIT OF LIABILITY. PLEASE READ AND REVIEW THE POLICY CAREFULLY. In consideration
More informationBANKRUPTCY LAW MANUAL
BANKRUPTCY LAW MANUAL FIFTH EDITION THE HONORABLE NANCY C. DREHER CHIEF UNITED STATES BANKRUPTCY JUDGE, DISTRICT OF MINNESOTA MEMBER, UNITED STATES EIGHTH CIRCUIT BANKRUPTCY APPELLATE PANEL (1997-2005)
More informationTHE WORLD BANK GLOBAL JUDGES FORUM COMMERCIAL ENFORCEMENT AND INSOLVENCY SYSTEMS COUNTRY: FINLAND. By Pauliine Koskelo TABLE OF CONTENTS
THE WORLD BANK GLOBAL JUDGES FORUM COMMERCIAL ENFORCEMENT AND INSOLVENCY SYSTEMS 19-23 MAY 2003 PEPPERDINE UNIVERSITY SCHOOL OF LAW MALIBU, CALIFORNIA COUNTRY: FINLAND By Pauliine Koskelo TABLE OF CONTENTS
More informationLIMITATIONS. The Limitations Act. being
1 LIMITATIONS c. L-16.1 The Limitations Act being Chapter L-16.1* of The Statutes of Saskatchewan, 2004 (effective May 1, 2005), as amended by the Statutes of Saskatchewan, 2007, c.28. *NOTE: Pursuant
More informationRESIDENTIAL LIMITED COVERAGE MORTGAGE MODIFICATION POLICY Issued By WFG NATIONAL TITLE INSURANCE COMPANY
RESIDENTIAL LIMITED COVERAGE MORTGAGE MODIFICATION POLICY Issued By WFG NATIONAL TITLE INSURANCE COMPANY Any notice of claim and any other notice or statement in writing required to be given to the Company
More informationFirst Impressions: Shutting Down a Chapter 11 Case Due to Patent Unconfirmability of Plan. September/October 2012. Scott J.
First Impressions: Shutting Down a Chapter 11 Case Due to Patent Unconfirmability of Plan September/October 2012 Scott J. Friedman Before soliciting votes on its bankruptcy plan, a chapter 11 debtor that
More informationASSEMBLY BILL No. 597
AMENDED IN ASSEMBLY APRIL 14, 2015 california legislature 2015 16 regular session ASSEMBLY BILL No. 597 Introduced by Assembly Member Cooley February 24, 2015 An act to amend Sections 36 and 877 of, and
More informationChapter 7 Liquidation Under the Bankruptcy Code
From Administrative Office of the United States Courts, Bankruptcy Basics, Public Information Series. Chapter 7 Liquidation Under the Bankruptcy Code The chapter of the Bankruptcy Code providing for "liquidation,"
More informationSAN FRANCISCO AMENDS BUSINESS TAX ORDINANCE BOARD OF REVIEW ELIMINATED, STATUTE OF LIMITATIONS FOR REFUNDS INCREASED AND MUCH MORE. Tax March 26, 2004
SAN FRANCISCO AMENDS BUSINESS TAX ORDINANCE BOARD OF REVIEW ELIMINATED, STATUTE OF LIMITATIONS FOR REFUNDS INCREASED AND MUCH MORE Tax On February 19, 2004, San Francisco Mayor Gavin Newsom approved recent
More informationAndrew C. Snyder, Esq. 8400 East Prentice Avenue, #1500 Case No. 2013CV31667 Denver, Colorado 80111 Ctrm.: 269 Phone Number: 303-409-7777
DISTRICT COURT, CITY AND COUNTY OF DENVER, COLORADO 1437 Bannock Street Denver, Colorado 80202 FRED J. JOSEPH, Securities Commissioner for The State of Colorado, Plaintiff, v. PROVIDENCE FINANCIAL SERVICES,
More informationUncharted Waters: Navigating Governmental Entities Creditor s Rights in Bankruptcy Cases By Edmund S. Whitson, III 1 and Nicole C.
Uncharted Waters: Navigating Governmental Entities Creditor s Rights in Bankruptcy Cases By Edmund S. Whitson, III 1 and Nicole C. Nate 2 1 Mr. Whitson is a shareholder at Anthony & Partners. He has more
More information$446,366,205 SENIOR DEMAND NOTES
FILED PURSUANT TO RULE 424(B)(3) REGISTRATION NO. 333-195015 1 ST FRANKLIN FINANCIAL CORPORATION $446,366,205 SENIOR DEMAND NOTES 1 st Franklin Financial Corporation (the "Company" or "1st Franklin") is
More informationThe Sale of Structured Settlements in Minnesota
The Sale of Structured Settlements in Minnesota Structured Settlements The term structured settlement is defined in Minnesota statutes as an arrangement: for the periodic payment of damages for personal
More informationPost-Petition Bankruptcy Financing
Presenting a live 90-minute webinar with interactive Q&A Post-Petition Bankruptcy Financing Evaluating and Documenting DIP Financing and Obtaining Cash Collateral and Financing Orders THURSDAY, FEBRUARY
More informationProgram Disclosures. Legent Insured Deposits Disclosure Terms and Conditions
Program Disclosures Legent Insured Deposits Disclosure Terms and Conditions Introduction The Legent Insured Deposits Program (the Legent Insured Deposits or the Program ) is offered by your brokerage firm
More informationDirectors, Officers and Corporate Liability Insurance Coverage Section. This is a Claims Made Policy. Please read it carefully.
Directors, Officers and Corporate Liability Insurance Coverage Section This is a Claims Made Policy. Please read it carefully. CLAIMS MADE WARNING FOR POLICY NOTICE: THIS POLICY PROVIDES COVERAGE ON A
More informationClientAdvisory. Treatment of Customers and Financial Counterparties in Stockbroker Liquidations Under SIPA and the Bankruptcy Code
ClientAdvisory Treatment of Customers and Financial Counterparties in Stockbroker Liquidations Under SIPA and the Bankruptcy Code June 2008 Introduction With the possibility of a major stock brokerage
More informationWRITTEN TESTIMONY OF BRYAN C. SKARLATOS, ESQ. given it powers to collect money and property that far exceed those of any ordinary creditor.
WRITTEN TESTIMONY OF BRYAN C. SKARLATOS, ESQ. The Internal Revenue Service (the Service ) is a Super Creditor because Congress has given it powers to collect money and property that far exceed those of
More informationLOCAL BANKRUPTCY FORM 2016-2(a) IN THE UNITED STATES BANKRUPTCY COURT FOR THE MIDDLE DISTRICT OF PENNSYLVANIA
LOCAL BANKRUPTCY FORM 2016-2(a) IN THE UNITED STATES BANKRUPTCY COURT FOR THE MIDDLE DISTRICT OF PENNSYLVANIA IN RE: : CHAPTER 13 : : CASE NO. - -bk- : : Debtor(s) : RIGHTS AND RESPONSIBILITIES AGREEMENT
More informationCase 1:08-cv-00361-WMS-HKS Document 234 Filed 05/01/13 Page 1 of 17
Case 1:08-cv-00361-WMS-HKS Document 234 Filed 05/01/13 Page 1 of 17 UNITED STATES DISTRICT COURT WESTERN DISTRICT OF NEW YORK SECURITIES AND EXCHANGE COMMISSION, Plaintiff, 08 CV 361S v. WATERMARK FINANCIAL
More informationBUSINESS CHECK CARD AGREEMENT AND DISCLOSURE
BUSINESS CHECK CARD AGREEMENT AND DISCLOSURE In this Pacific Continental Bank Business Check Card Agreement and Disclosure for business debit card(s) (this Agreement ), the words we, our, and us mean Pacific
More informationThird Circuit Approves Use of Escrow Agreements Funded by Acquirers to Pay Junior Creditors Before Senior Creditors
Alert Third Circuit Approves Use of Escrow Agreements Funded by Acquirers to Pay Junior Creditors Before Senior Creditors September 21, 2015 An asset purchaser s payments into segregated accounts for the
More information549 COSTS, DISBURSEMENTS STRUCTURED SETTLEMENTS
For more information please visit Strategic Capital Corporation at www.strategiccapital.com, or contact us at Toll Free: 1-866-256-0088 or email us at info@strategiccapital.com. MINNESOTA ANNOTATED STATUTES
More informationPart 3: Arbitration Title 1: General Provisions
Civil Procedure Code 7 Part : Arbitration Title : General Provisions Art. 5 Scope of application The provisions of this Part apply to the proceedings before arbitral tribunals based in Switzerland, unless
More informationUNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF OHIO EASTERN DIVISION - YOUNGSTOWN
UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF OHIO EASTERN DIVISION - YOUNGSTOWN In re: ) Chapter 13 Case No.: ) ) Judge Kay Woods ) ) G Original Chapter 13 Plan dated ) G (First) Amended
More informationUNITED STATES DISTRICT COURT MIDDLE DISTRICT OF FLORIDA, TAMPA DIVISION
UNITED STATES DISTRICT COURT MIDDLE DISTRICT OF FLORIDA, TAMPA DIVISION Consumer Financial Protection Bureau and Office of the Attorney General, State of Florida, Department of Legal Affairs, Case No.
More informationALERT APRIL 25, 2005
919 Third Avenue, New York, NY 10022 n Tel: (212) 756-2000 n Fax: (212) 593-5955 n www.srz.com n e-mail: wwwmail@srz.com ALERT APRIL 25, 2005 2005 BANKRUPTCY CODE AMENDMENTS: QUICK SUMMARY OF BUSINESS
More informationIN THE UNITED STATES BANKRUPTCY COURT FOR THE EASTERN DISTRICT OF TENNESSEE
IN THE UNITED STATES BANKRUPTCY COURT FOR THE EASTERN DISTRICT OF TENNESSEE In re SEAN PURCELL JETER SHEILA ANN JETER fka SHEILA ANN HARRIS Case No. 12-34953 Debtors MEMORANDUM ON AFFIDAVIT OF WOOLF, MCCLANE,
More informationCase 1:06-cv-22273-SH Document 23 Entered on FLSD Docket 09/25/07 13:02:36 Page 1 of 12 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF FLORIDA
Case 1:06-cv-22273-SH Document 23 Entered on FLSD Docket 09/25/07 13:02:36 Page 1 LAWRENCE KATT, M.D., individually, and on behalf of all others similarly situated, v. Plaintiffs, UNITED STATES DISTRICT
More informationThe PNC Investments Bank Deposit Program Disclosure Document
The PNC Investments Bank Deposit Program Disclosure Document Summary Deposits By electing the PNC Investments Bank Deposit Program (the Program ), your available cash balances in eligible accounts will
More informationJOINT OBJECTION OF M-HEAT INVESTORS, LLC AND CHAPTER 7 TRUSTEE OF MICRO-HEAT, INC. TO CONFIRMATION OF DEBTORS AMENDED JOINT CHAPTER 11 PLAN
BARNES & THORNBURG LLP Attorneys for M-Heat Investors, LLC 171 Monroe Avenue, NW, Suite 1000 Grand Rapids, MI 49503 Telephone: (616) 742-3930 Facsimile: (616) 742-3999 Patrick E. Mears (PM-6473) Telephone:
More informationDiscretionary Investment Management Agreement Vulcan Investments LLC 2100SouthBridge Pkwy Suite 650, Birmingham AL, 35209 1. Scope of Engagement a)
Discretionary Investment Management Agreement This investment management agreement (the Agreement ) is, made this day of, 20 Between the undersigned party, Client(s) whose mailing address is. (Hereinafter
More informationNotice of Formation Meeting for Official Committee of Unsecured Creditors
Office of the United States Trustee District of Delaware 844 King Street, Suite 2207 Wilmington, DE 19801 Tel. No. (302) 573-6491 Fax No. (302) 573-6497 IN RE: Chapter 11 Boomerang Tube, LLC, et al. Debtors.
More informationUNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION
SECURITIES ACT OF 1933 Release No. 9581 / May 1, 2014 SECURITIES EXCHANGE ACT OF 1934 Release No. 72073 / May 1, 2014 INVESTMENT ADVISERS ACT OF 1940 Release No. 3828 / May 1, 2014 INVESTMENT COMPANY ACT
More informationNotice of Formation Solicitation for Official Committee of Student Creditors
Office of the United States Trustee District of Delaware 844 King Street, Suite 2207 Wilmington, DE 19801 Tel. No. (302) 573-6491 Fax No. (302) 573-6497 IN RE: Chapter 11 Corinthian Colleges, Inc., et
More informationBank of America, National Association Sponsor, Servicer and Originator. BA Credit Card Funding, LLC Transferor and Depositor
Prospectus Dated November 20, 2015 Bank of America, National Association Sponsor, Servicer and Originator The issuing entity BA Credit Card Funding, LLC Transferor and Depositor BA Credit Card Trust Issuing
More informationTECHNICAL ALERT 02/2016 PERSONAL INSOLVENCY (AMENDMENT) ACT 2015
TECHNICAL ALERT 02/2016 PERSONAL INSOLVENCY (AMENDMENT) ACT 2015 Readers of this document should note that the interpretation of detailed provisions of this amending legislation has yet to be tested in
More informationU.S. Bankruptcy Basics
SHEPPARD MULLIN SHEPPARD MULLIN RICHTER & HAMPTON LLP A T T O R N E Y S A T L A W U.S. Bankruptcy Basics Sheppard, Mullin, Richter & Hampton LLP Edward H. Tillinghast, III etillinghast@sheppardmullin.com
More informationChapter 213. Enforcement of Texas Unemployment Compensation Act... 2 Subchapter A. General Enforcement Provisions... 2 Sec. 213.001.
Chapter 213. Enforcement of Texas Unemployment Compensation Act... 2 Subchapter A. General Enforcement Provisions... 2 Sec. 213.001. Representation in Court... 2 Sec. 213.002. Prosecution of Criminal Actions...
More information14-10325-smb Doc 56 Filed 03/07/14 Entered 03/07/14 15:22:54 Main Document Pg 1 of 7
Pg 1 of 7 Shalom Jacob Alan H. Katz LOCKE LORD LLP 3 World Financial Center New York, New York 10281 Telephone: (212) 415-8618 Facsimile: (212) 812-8370 Kevin J. Leichter 10203 Santa Monica Boulevard,
More informationDESCRIPTION OF THE PLAN
DESCRIPTION OF THE PLAN PURPOSE 1. What is the purpose of the Plan? The purpose of the Plan is to provide eligible record owners of common stock of the Company with a simple and convenient means of investing
More informationUNITED STATES BANKRUPTCY COURT MIDDLE DISTRICT OF FLORIDA TAMPA DIVISION
In re: JON J. HAMMILL, UNITED STATES BANKRUPTCY COURT MIDDLE DISTRICT OF FLORIDA TAMPA DIVISION Case No. 8:09-bk-2272-CPM Debtor. Chapter 7 / DONALD F. WALTON United States Trustee for Region 21, Plaintiff
More informationErrors and Omissions Insurance. 1.0 Introduction and Definition
Errors and Omissions Insurance 1.0 Introduction and Definition 1.1 Under the terms of this policy the word employee means any trustee of the Board of Education, any employee of the Hicksville Board of
More informationMISCELLANEOUS PROFESSIONAL LIABILITY INSURANCE COVERAGE FORM
MISCELLANEOUS PROFESSIONAL LIABILITY INSURANCE COVERAGE FORM THIS IS A CLAIMS MADE POLICY WITH DEFENSE EXPENSES INCLUDED IN THE LIMIT OF LIABILITY. PLEASE READ AND REVIEW THE POLICY CAREFULLY. In consideration
More informationINVOLUNTARY BANKRUPTCIES
INVOLUNTARY BANKRUPTCIES Joseph S.U. Bodoff Bodoff & Associates, P.C. How It Works The statutory provisions dealing with involuntary bankruptcies are contained in section 303 of the Bankruptcy Code. There
More informationINSTRUCTION LETTER TRONOX TORT CLAIMS TRUST INSTRUCTION LETTER (CATEGORY A) Dear Prospective Claimant or Claimant Counsel,
INSTRUCTION LETTER Dear Prospective Claimant or Claimant Counsel, The Tronox Incorporated Tort Claims Trust (the Trust ) has been established under Chapter 11 of the Bankruptcy Code to resolve all Tort
More informationUNITED STATES BANKRUPTCY COURT FOR THE MIDDLE DISTRICT OF ALABAMA NORTHERN DIVISION
UNITED STATES BANKRUPTCY COURT FOR THE MIDDLE DISTRICT OF ALABAMA NORTHERN DIVISION --------------------------------------------------------x : In re : Chapter 11 : THE COLONIAL BANCGROUP, INC., : Case
More informationSMALL BUSINESS BANKRUPTCY
SMALL BUSINESS BANKRUPTCY By Bruce L. Weiner Rosenberg, Musso & Weiner, L.L.P., Brooklyn, New York A. Definition 11 U.S.C. 101(51C) Small Business Case 101. Definitions In this title the following definitions
More informationNEW YORK NY GENERAL OBLIGATIONS LAW 5-1701 5-1709 TITLE 17 STRUCTURED SETTLEMENT PROTECTION ACT
NEW YORK NY GENERAL OBLIGATIONS LAW 5-1701 5-1709 TITLE 17 STRUCTURED SETTLEMENT PROTECTION ACT 5-1701. Definitions. For purposes of this title: a. "Annuity issuer" means an insurer that has issued an
More informationArticle Estates and Trusts MARYLAND STATUTORY FORM PERSONAL FINANCIAL POWER OF ATTORNEY IMPORTANT INFORMATION AND WARNING
[Previous][Next][Another Article] 17 202. Article Estates and Trusts MARYLAND STATUTORY FORM PERSONAL FINANCIAL POWER OF ATTORNEY IMPORTANT INFORMATION AND WARNING You should be very careful in deciding
More informationESTATE OF JOHN JENNINGS. WILLIAM CUMMING et al. entered in the Superior Court (Waldo County, R. Murray, J.) finding George liable
MAINE SUPREME JUDICIAL COURT Decision: 2013 ME 103 Docket: Wal-13-175 Argued: October 7, 2013 Decided: November 26, 2013 Reporter of Decisions Panel: SAUFLEY, C.J., and ALEXANDER, LEVY, SILVER, MEAD, GORMAN
More informationINDIAN HARBOR INSURANCE COMPANY (herein called the Company)
INDIAN HARBOR INSURANCE COMPANY (herein called the Company) This is a claims made Policy with defense expenses included. Please read and review the Policy carefully. INSURANCE AGENTS AND BROKERS ERRORS
More information